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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Asiaray Media Group's Beneish M-Score or its related term are showing as below:
HKSE:01993'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.21 Med: -3.35 Max: -2.43
Current: -3.8
During the past 13 years, the highest Beneish M-Score of Asiaray Media Group was -2.43. The lowest was -4.21. And the median was -3.35.
Asiaray Media Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Asiaray Media Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
HKSE:01993 vs APP, OMC, TTD: Beneish M-Score Comparison
For the Advertising Agencies subindustry, Asiaray Media Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Asiaray Media Group Beneish M-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Asiaray Media Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asiaray Media Group's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Asiaray Media Group for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9346
+
0.528 * 0.8483
+
0.404 * 1.1977
+
0.892 * 0.8866
+
0.115 * 0.9989
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7966
+
4.679 * -0.25742
-
0.327 * 0.9545
=
-3.80
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(460.424 / (460.424 + 875.499))
/
(309.873 / (309.873 + 588.235))
=
0.344649
/
0.345029
=
0.9989
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(14.694 - 0
-
474.397)
/
1785.808
=
-0.25742
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Asiaray Media Group has a M-score of -3.80 suggests that the company is unlikely to be a manipulator.
Asiaray Media Group (HKSE:01993) has a Beneish M-Score of -3.80 as of Aug. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asiaray Media Group and its competitors. According to the industry distribution chart, Asiaray Media Group ranks #95 out of 972 companies in the Media - Diversified industry, placing it in the top 9.8%.
Is Asiaray Media Group's Beneish M-Score too high?
Asiaray Media Group's current Beneish M-Score is -3.80. Based on the distribution chart, Asiaray Media Group ranks #95 out of 972 companies in the Media - Diversified industry, which is in the top quartile — a strong position relative to peers. Overall, Asiaray Media Group has a GF Score™ of 32/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Asiaray Media Group's Beneish M-Score compare to APP and OMC?
According to the Media - Diversified industry distribution chart, Asiaray Media Group ranks #95 out of 972 companies for Beneish M-Score. This places Asiaray Media Group in the top 10% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Asiaray Media Group and its competitors. Asiaray Media Group's current Beneish M-Score is -3.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asiaray Media Group stock overvalued right now?
Based on GuruFocus' analysis, Asiaray Media Group (HKSE:01993) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$0.56, compared to a current price of HK$0.50 — trading 10.7% below its estimated fair value. The current Beneish M-Score is -3.80. Asiaray Media Group's overall GF Score™ is 32/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Asiaray Media Group (HKSE:01993), the current Beneish M-Score is -3.80 as of Aug. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Asiaray Media Group (HKSE:01993) Overvalued in 2026?
Based on GuruFocus' analysis, Asiaray Media Group stock appears to be undervalued.
The current stock price of HK$0.50 is trading 10.7% below its estimated GF Value™ of HK$0.56.
GuruFocus considers Asiaray Media Group to be Modestly Undervalued.
Key valuation signals for HKSE:01993:
Beneish M-Score: -3.80
GF Value™: HK$0.56 vs. price of HK$0.50 (10.7% below fair value)
No single metric tells the full story. See the HKSE:01993 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Asiaray Media Group Ltd is an investment holding company. Along with its subsidiaries, it operates as an out-of-home media company in Greater China with a strategic focus on mega transport advertising media management, including airport, metro line, and high-speed rail line, etc. The Group's operating segments are: Airports business, Metro and billboards business, and Bus and other business. Maximum revenue is generated from the Metro and billboards business, which is involved in the operation of advertising services in metro lines and billboards, and building solutions. Geographically, the Group generates maximum revenue from the Chinese Mainland, and the rest from Hong Kong and other regions.
32GF Score
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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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